|
|
To enact sections 1109.181, 1151.2911, 1161.441, and | 1 |
1733.253 of the Revised Code to permit Ohio banks, | 2 |
savings and loan associations, savings banks, and | 3 |
credit unions to charge the same or lower rates or | 4 |
amounts of interest, fees, or other charges under | 5 |
a revolving credit agreement that the respective | 6 |
out-of-state financial institutions may charge | 7 |
Ohio revolving credit customers. | 8 |
Section 1. That sections 1109.181, 1151.2911, 1161.441, and | 9 |
1733.253 of the Revised Code be enacted to read as follows: | 10 |
Sec. 1109.181. (A) As used in this section: | 11 |
(1) "Revolving credit agreement" means an agreement pursuant | 12 |
to which a bank contemplates repeated transactions and the amount | 13 |
of credit that may be extended pursuant to the agreement is made | 14 |
available to the extent that any outstanding balance is repaid. | 15 |
"Revolving credit agreement" does not include an agreement secured | 16 |
by a residential mortgage. | 17 |
(2) "Residential mortgage" means an obligation to pay a sum | 18 |
of money evidenced by a note or agreement and secured by a lien | 19 |
upon real property located within this state containing two or | 20 |
fewer residential units or on which two or fewer residential units | 21 |
are to be constructed, including such an obligation on a | 22 |
residential condominium or cooperative unit. | 23 |
(B) Notwithstanding any limitations contained in sections | 24 |
1109.18, 1109.20, or any other section of the Revised Code, a bank | 25 |
may charge interest, fees, and other charges under a revolving | 26 |
credit agreement at the same or lower rates or amounts that a bank | 27 |
located in another state may charge its revolving credit customers | 28 |
in this state. | 29 |
Sec. 1151.2911. (A) As used in this section: | 30 |
(1) "Revolving credit agreement" means an agreement pursuant | 31 |
to which a savings and loan association contemplates repeated | 32 |
transactions and the amount of credit that may be extended | 33 |
pursuant to the agreement is made available to the extent that any | 34 |
outstanding balance is repaid. "Revolving credit agreement" does | 35 |
not include an agreement secured by a residential mortgage. | 36 |
(2) "Residential mortgage" has the same meaning as in section | 37 |
1109.181 of the Revised Code. | 38 |
(B) Notwithstanding any limitations contained in the Revised | 39 |
Code, a savings and loan association may charge interest, fees, | 40 |
and other charges under a revolving credit agreement at the same | 41 |
or lower rates or amounts that an association located in another | 42 |
state may charge its revolving credit customers in this state. | 43 |
Sec. 1161.441. (A) As used in this section: | 44 |
(1) "Revolving credit agreement" means an agreement pursuant | 45 |
to which a savings bank contemplates repeated transactions and the | 46 |
amount of credit that may be extended pursuant to the agreement is | 47 |
made available to the extent that any outstanding balance is | 48 |
repaid. "Revolving credit agreement" does not include an agreement | 49 |
secured by a residential mortgage. | 50 |
(2) "Residential mortgage" has the same meaning as in section | 51 |
1109.181 of the Revised Code. | 52 |
(B) Notwithstanding any limitations contained in the Revised | 53 |
Code, a savings bank may charge interest, fees, and other charges | 54 |
under a revolving credit agreement at the same or lower rates or | 55 |
amounts that a savings bank located in another state may charge | 56 |
its revolving credit customers in this state. | 57 |
Sec. 1733.253. (A) As used in this section: | 58 |
(1) "Revolving credit agreement" means an agreement pursuant | 59 |
to which a credit union contemplates repeated transactions and the | 60 |
amount of credit that may be extended pursuant to the agreement is | 61 |
made available to the extent that any outstanding balance is | 62 |
repaid. "Revolving credit agreement" does not include an agreement | 63 |
secured by a residential mortgage. | 64 |
(2) "Residential mortgage" has the same meaning as in section | 65 |
1109.181 of the Revised Code. | 66 |
(B) Notwithstanding any limitations contained in sections | 67 |
1733.25, 1733.251, or any other section of the Revised Code, a | 68 |
credit union may charge interest, fees, and other charges under a | 69 |
revolving credit agreement at the same or lower rates or amounts | 70 |
that a credit union located in another state may charge its | 71 |
revolving credit customers in this state. | 72 |